Top marks for Zurich and Eagle

LIFE companies Zurich Life and Eagle Star have been awarded the Raising Standards quality mark by the Pensions Protection Investments Accreditation Board (PPIAB).

They follow five other brands, including Co-operative Insurance, Norwich Union, Scottish Equitable, Scottish Widows and Unum, who received the award in October last year.

To gain accreditation companies must achieve eight standards set by the PPIAB. And the main focus of these is the service provided to consumers.

For example, successful companies must ensure their product literature is clear and easy to understand, and they must score highly on a customer satisfaction survey.

According to the PPIAB 31% of the life assurance market has already achieved the quality mark and around a further 45% have set up Raising Standards project teams and have applied or plan to apply for accreditation.

John Cox, chief executive of the PPIAB, said: 'I am delighted that Eagle Star and Zurich have gained accreditation. Both brands have made significant changes to the way they operate, market their products and treat their customers.'

The PPIAB was set up in 2000 as part of the Raising Standards quality mark scheme. Its role is to carry out independent assessment and accreditation of brands that reach the standards required. It is funded by fees paid by companies seeking accreditation.

However, the scheme has come beeb criticised by independent financial advisers who say it will be difficult for smaller life companies, with fewer resources, to pay for the changes required to their company literature and the PPIAB fees.